The world’s largest investment banks will earn more dealmaking fees in India this year than in China, a first that financiers describe as a historic reorientation as they diversify away from a decoupling Chinese economy.
Foreign banks have pulled in $231mn in mergers and acquisitions fees from India so far this year, according to Dealogic, beating the $204mn earned in China over the same period.
JPMorgan is among those that will earn more from M&A in India than in China this year for the first time, according to two people with knowledge of the bank’s position. JPMorgan declined to comment.
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